McKinsey Alumni-Founded Dubai Fintech Rides Mideast Startup Boom

A Dubai-based fintech founded by two former McKinsey & Co. consultants has raised $48 million, underscoring continued investor confidence in Middle Eastern startups.

Alaan’s fundraise — one of the region’s larger Series A rounds — was led by Peak XV Partners, formerly Sequoia Capital India & Southeast Asia, it said in a statement. The fintech did not disclose its valuation.